2024-12-28 17:01
IndustryExample of a Breakout Trade
Scenario: Trading USD/JPY with a Price Breakout
1. Step 1: Identify a horizontal resistance level around 110.00, where the price has previously reversed.
2. Step 2: Wait for the price to break above 110.00 with strong momentum.
3. Step 3: Enter a long position once the breakout is confirmed above 110.00.
4. Step 4: Set a stop-loss just below 109.80 (the breakout level), and set a profit target based on previous highs or Fibonacci extensions.
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Example of a Breakout Trade
Hong Kong | 2024-12-28 17:01Scenario: Trading USD/JPY with a Price Breakout
1. Step 1: Identify a horizontal resistance level around 110.00, where the price has previously reversed.
2. Step 2: Wait for the price to break above 110.00 with strong momentum.
3. Step 3: Enter a long position once the breakout is confirmed above 110.00.
4. Step 4: Set a stop-loss just below 109.80 (the breakout level), and set a profit target based on previous highs or Fibonacci extensions.
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